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Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2024
Accounting Policies [Abstract] |
Schedule of Cash, Cash Equivalents and Restricted Cash |
|  |  | As of |  |  | As of |
|  |  | June 30, 2024 |  |  | June 30, 2023 |
Cash and cash equivalents |  |  | $ | 18,904,793 |  |  | $ | 24,226,602 |
Restricted cash |  |  |  | 18,411,015 |  |  |  | 7,962,807 |
Cash, cash equivalents and restricted cash at the end of the period |  |  | $ | 37,315,808 |  |  | $ | 32,189,409 |
Schedule of Recurring Assets and Liabilities Measured at Fair Value | The following table represents our assets and liabilities measured at fair value and the basis for that measurement (our interest rate swaps are the only assets or liabilities measured at fair value on a recurring basis, there were no non-recurring assets or liabilities for fair value measurements as of June 30, 2024 and December 31, 2023, respectively):
| June 30, 2024 |  | December 31, 2023 |
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
Financial Assets |  |  |  |  |  |  |  |
Interest-rate swap(1) | $ | — |  | $ | — |  | $ | 627,676 |  | $ | 627,676 |
Interest-rate cap(2) | $ | 754,794 |  | $ | 754,794 |  | $ | — |  | $ | — |
Financial Liabilities |  |  |  |  |  |  |  |
Mortgage loans | $ | (320,244,252 | ) | $ | (313,064,575 | ) | $ | (315,989,194 | ) | $ | (303,949,790 | )
(1) The interest-rate swap agreement allowed the Company to receive a variable rate of interest based upon 1-month SOFR in exchange for a fixed rate of 2.826% on a notional amount which approximated the declining balance of the mortgage loan on the Hotel Alba. The interest-rate swap was terminated on February 14, 2024. (2) The interest-rate cap agreement allows the Company to receive a variable rate of interest based upon 1-month SOFR in exchange for a fixed rate of 3.0% on a notional amount of $26.0 million on the DoubleTree by Hilton Philadelphia Airport. The interest-rate cap is set to terminate on May 1, 2026.
Schedule of Minimum Future Lease Payments Receivable | A schedule of minimum future lease payments receivable for the remaining six and twelve-month periods is as follows:
For the six months ending December 31, 2024 |  | $ | 499,151 |
December 31, 2025 |  |  | 997,194 |
December 31, 2026 |  |  | 936,515 |
December 31, 2027 |  |  | 931,178 |
December 31, 2028 |  |  | 947,413 |
December 31, 2029 |  |  | 996,352 |
December 31, 2030 and thereafter |  |  | 9,424,176 |
Total |  | $ | 14,731,979 |

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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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